Brexit has not been good for Britain, Chancellor Rachel Reeves says

She says it has not been good ‘for growth, for prices in the shop’

According to the chancellor, there is now “an awful lot we can do to improve our trading relations”, as she criticised Britain’s EU exit.

Reeves argued that closer ties with the EU is the “biggest prize” economically, amid ongoing fears over the cost of living and at a time when Britain battles flatlining economic growth.

In recent months, ministers have been ramping up their attacks on Brexit, particularly ahead of last year’s Budget.

They argue that the decision to leave the bloc had an even bigger impact on Britain’s economy than initially predicted by the critics.

“Brexit has not been good for our country, for growth, for prices in the shop. It’s almost 10 years since we voted Leave. That ship has sailed, but there’s an awful lot we can do to improve our trading relations. Where that requires alignment in our national interest, we should absolutely align”, Reeves said, speaking to The Times.

The chancellor’s remarks come as Prime Minister Keir Starmer prepares a bill which would hand ministers powers to bring the UK into alignment with EU law, in an attempt to reduce paperwork and boost growth in Britain.

The bill would give ministers overarching powers to bring the UK in line with EU law in certain areas and will be brought forward this year as part of No 10’s plan for a Brexit “reset”.

Chancellor Reeves also told The Times that she seeks an “ambitious” youth mobility scheme with the EU.

This would enable young people from the bloc to live and work in Britain and vice versa.

Her campaign for closer ties with the EU occurs amid the increasing turbulence and economic shocks due to the escalating conflict in the Middle East.

Brent crude, the global benchmark for oil prices, jumped to more than $100 (£76) a barrel earlier this week for the first time since 2022.

This has contributed to higher fuel bills and the risk of increased household energy costs across the UK, while there are fears the war could hit the cost of living around the world.